Port of Palm Beach’s income shot up in March as exports increased

March was a banner month for the Port of Palm Beach, which had a net income of $555,780 as sugar and other major exports increased by more than 50 percent.

The port’s budgeted total annual income for fiscal year 2016 is $1,085,000, meaning the March income makes up 51.2 percent of the total budgeted income. That’s a 354 percent year-over-year increase, port officials said.

As of March 31, the port is $42,089 shy of reaching its annual target. Its fiscal year is from October 1 through September 30.

“The port has certainly had an exceptional month,” said Chairman Wayne Richards. “This extreme increase in income is due to year over year increases in break-bulk, fuel oil, sugar and molasses, all of which saw over 50 percent increases.”

Break bulk is packaged cargo that is not containerized.

The port processed 24,170 twenty foot equivalent units/cargo containers, 7,208 short tons of break-bulk materials and 17,230 short tons of utility fuel oil. Approximately 29,191 short tons of molasses and 72,900 short tons of sugar moved through the port as well.

The port, based in Riviera Beach, processes over $7 billion worth of commodities each year. It ranks as Florida’s fourth busiest container port of the state’s 14 deepwater ports.